Hemoglobinopathy Market to represent a significant expansion at CAGR of 8.3% by 2024

A considerable proportion of global population succumbs to genetic implications that are either inherently present in the body or are developed over time. Hemoglobinopathy, regrettably, is among such genetic defects hampering the health of millions. Medical organizations and healthcare facilities in the world continue to tackle the spate of hemoglobinopathy by developing effective treatments and drugs. In most cases, the occurrence of hemoglobinopathy is distinctly inherited as a part of autosomal co-dominant traits attained from parent genetics. The emergence of global hemoglobinopathy market catalyzed the global healthcare sector towards production of advanced medications. Growing incidences of hemoglobinopathy fuelled the market’s growth but also compelled pharmaceutical manufacturers to compromise the drug development procedures up to a considerable extent.

According to Research Report Insights (RRI), the global market for hemoglobinopathy is slated to endure healthy growth over a period of 2016 to 2024. During the forecast period, the global hemoglobinopathy market is projected to expand at a steady CAGR of 8.3% and reach US$ 788.2 million market value by 2024-end, according to the report. Growing prevalence of hemoglobinopathy in developed regions continues to jolt their healthcare infrastructure, generating a wave of demand for its treatments. Governments from several parts of the world are increasing the capital influx for research & development in hemoglobinopathy treatment. Additionally, the global hemoglobinopathy market is also being impacted by funds generated from NGOs in an effort to increase awareness of treating such genetic ailments.

Advanced diagnostics are also stimulating the market’s growth as people are gaining awareness about the symptoms of hemoglobinopathy. Early diagnosis is essential for treatment of hemoglobinopathy due to increased risks of ignoring clinical indications such sickle cell disease, beta thalassemia and alpha thalassemia. The report has fragmented the growth of global hemoglobinopathy market on the basis of such symptoms, and on the basis of test-types and end users. Key findings illustrate that by 2016, sickle cell disease segment would have accounted for 52.4% value share of the global hemoglobinopathy market. Hospitals and diagnostics centers are expected to continue being the dominant end-users, while red blood cells (RBC) test will contribute by bringing in highest revenue share as a type of diagnostic test. By 2016, the report has forecasted that routine RBC count segment will be accounting for nearly one-third of the global market value for hemoglobinopathy.

Some of the leading companies participating in the global hemoglobinopathy market are included in the report. The profiling of competitive landscape in the global hemoglobinopathy market includes healthcare companies such as, Mindray Medical International Ltd., Bio-Rad Laboratories Inc., Sysmex Corporation, PerkinElmer Inc., Nexcelcom Bioscience LLC., Abbott Diagnostics, Danaher Corporation, Nihon Kohden Corporation, and Siemens Healthineers, among others.

A regional overview of the global hemoglobinopathy market predicts Europe as a dominant region due to its stable and evolving healthcare infrastructure. While Europe’s hemoglobinopathy market is anticipated to expand at 7.9% CAGR, the hemoglobinopathy market in Asia-Pacific and Middle East & Africa (MEA) will be demonstrating a rampant growth over the forecast period. Other regional market compiled in the report include North America and Latin America. Rising adoption of point-of-care testing methods in such regions is increasing the demand for diagnosis of hemoglobinopathy, thereby fomenting the growth of the global market